FXstreet.com (Barcelona) - The Pound has rallied about 700 pips in less than 24 hours, from 18 Mar low at 1.3842, to intra-day high at 1.4555, after the Fed announced its plan to buy $ 300 billion worth of short-term treasuries, and $750 billion worth mortgage debt, against the market's consensus.

Immediately afterwards, the Dollar started a fast depreciating move across the board, according to John Hardy, analyst at Saxo Bank the currency depreciation contest has started: While, the BoE was the first to launch its debt monetization, the Fed's move has seen the USD quickly losing ground versus the pound as the race to the bottom in devaluing currencies continues.

Hardy concludes that the current Dollar decline could drive the Pound back towards 1.5000: GBPUSD is now breaking up through a key descending trendline after having crossed above the 55-day moving average this morning and may be en route to a test of 1.5000 soon.